Obama the self employed President?

LA Anti-Establishment Examiner ^ | April 17, 2010 | Charles Nichols

[OldBlondBabe]

President Obama just released his tax returns. Much to my surprise I discovered he filled out an IRS form Schedule C "Profit or Loss from Business" claiming a $5,661,666 business profit from the sales of his books. According to the IRS, in order to be able to file a Schedule C one must be "...involved in the activity (writing) with continuity and regularity." If you aren't, then your income goes on line 21 of your 1040 just like everyone else.

The reason for this is simple, people could write off their vacations just so long as they wrote about it and had it published. In which case they could also deduct the cost of printing the book. A tax deductible trip to Tahiti. How cool is that! Too cool for the IRS. Not only must writing be your regular activity, you must be engaged in it for the purpose of making a profit. Obama meets the profit requirement hands down, but his occupation?

Looking at what Obama put down for "Occupation" on his 1040 one finds "US President."

So which is it? Is Barrack Obama a Sole Proprietor of a business involved in the activity of writing (an author) "with continuity and regularity" or is he the President of the United States? Perhaps Obama is a part time President? There is much to be said in favor of part time Presidents. Calvin Coolidge was a great American President who went out of his way portraying himself as "hands off," spending as much time on the golf course and out of the Oval Office as possible. I don't think he even liked playing golf but it was symbolic of how unimportant he thought the Federal Government was.

[stan_sipple]

Yes but not by a traitor, back then there were patriotic liberals

[freespirited]

Of course, in a perfect world, Bill Ayers would have gotten a cut of the royalties reflecting his active labor in bringing “Dreams of My Fathers” into fruition.

Ayers comes from a wealthy family. I doubt the $$ would have mattered to him.

[texas booster]

On page 40 (!) of their tax return he requested that the Nobel Prize money be disbursed directly to 10 charities, including Fisher House.

So kudos to Mr. Obama for listening to sage advice.

The Obamas 2009 tax return was 65 pages long - more proof that our tax code is ridiculous.